By Sarah Townsend
Dubai Land Department (DLD) issues new rules aimed at protecting investors
Real estate agents in Dubai have been instructed to verify property ownership before conducting a sale or letting, Dubai Land Department (DLD) said on Sunday.
The department revealed it had issued a circular to all real estate brokers operating in Dubai informing them of the new requirements.
Under the rules, agents are required to use the government’s Dubai Brokers ‘smart’ system to check title deeds and other ownership information before conducting a sale or rental transaction.
It is intended to increase transparency in the real estate market and strengthen protections and rights for investors, the DLD said.
Ali Abdullah Al Ali, director of the Real Estate Licensing Department at DLD, which issued the circular, said: “One of the main roles in our extensive range of operations and services is to provide a safe and sustainable real estate environment for all players in the real estate market.
“It is the responsibility of registered real estate brokers to preserve the rights of all customers and investors, by verifying real estate ownership data before performing any real estate sale or rental transaction.”
The new rules make it mandatory for all registered agents to download the Dubai Brokers smart app from the App or Play store in order to verify ownership data.
Al Ali added: “Real estate brokers play an important role in supporting the DLD’s vision through the promotion of real estate transaction movements in the emirate; therefore we appreciate their work in facilitating secure transactions.”
How does the DLD enforce this requirement on the Brokers?
What is an investors' recourse if a broker fails to verify ownership and claims are made on the property subsequent to the investor paying out funds?